bp - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...I7pBBe0DCyKIaktSlqM=

its been a good 5 weeks since we looked at this.....and in those 5 weeks nothing much has happened.....it was around 485p when we looked at this on the 7th of Feb...it's now at 465p area...

A closer look does actually show a significant technical event here imvho...because in that time this has developed what looks to be almost certainly a bear flag imvho....bang underneath the 200 day ema line fetaure.....and i think it's about to break down....and that flag breakdown should give a downside target of about 400p.....but lets see...

A weekly close, on a end of week closing basis back above 482p....cancels the bear view...but the setup is still bearish here.....and that is unlikely atm...

atb, wdik, dyor,
trendfriend

quick look here at BP.
bp = daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...re%2FtfxUYv0TWWnQ%3D

the bearish rsi div, was the signal to get out....
the break below and subsequent failure to get above teh 20 day ema line was the signal a nasty fall was in the offing imho.....

This has broken below the 200 day ema line.....and the retest doesn't look very convincing imvho.
Looks like a bounce from oversold rsi levels......and now ready for new leg lower.....

bp. - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...cyumb+8Lj0Fu5/53Aoc=

The weekly shows the bounce from 452p being the 200 day ema line on the weekly chart....
The main trendline looks vulnerable...and the rsi has fallen below the neutral 50 level all indicating further downside...

485 and 475p crucial must hold levels...below 475>452p>437p>410p

by all intents and puposes, at the very least this should retest 452p imvho because the technical set up is bearish....

A weekly close above 485/490p area opens up the highs again....

atb, wdik, dyor,
trendfriend

LTV,
Please see the attached chart...
You can see it went to 452 yday and then back up.... ta G

watch the 200 day ema line around 412p......at least a reasonable possibility to test that level imvho....

atb, wdik, dyor,
trendfriend

I didn't see it hit 452.

Today will be intereesting....

Weekly chart, nice hammer.



But daily chart, it retested the trendline and failed.

Didn't know it went to 452 today!!!

Out at 480p.... Don't want to try my luck further....

Paitech wrote:
I was thinking about it, didn't have the balls.

I'll see tomorrow, if it's anything like what happened to shell, profits doubled and share price dropped 2%, admittedly there was a market drop.

Bought in at 481.6p ..5k £ worth
Small punt before tomorrow results
Ta G

Thanks trendfriend.

I'll keep watching.

If it gets to 400, I think I will load up.

strong support for this stock between 485p (200 day ema line) and 470p/472p main trendline....and pivot level.

Tight stops are a must below 470p, a drop below 470p, could well mean a stronger p/b to the low 400p area is possible imvho....

Ultimately this needs to clear 535p for higher imvho....no break no higher, so thats the target...

A bit of a slow burner for me......a like to go a bit more gung ho....(if you know what i mean)...but this is nice safe stock, that pays a good divi as well...
atb, wdik, dyor,
trendfriend

BP Weekly.

Looks to have support in 2 forms around 484-490.

Trendfriend, did you buy around 440?

Results soon, so be careful, shell profits doubled, but fell 2%.

nice call...turned down nicely from there

BP. - Monthly Chart.
uk.advfn.com/p.php?pid=chartscreenshotsh...QriqC3I%2Fz6PFwn0%3D

This is approaching a key resistance trendline at 531p (falling a slightly monthly)

If it breaks above, it would end a very long term down trend here.....10 + years!!

Any would be a massive buy signal, and indicative of long term strength.....not only for BP but for the ftse and whole sector imvho....

atb, wdik, dyor,
trendfriend